/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
TORONTO, March 15, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to announce that it has closed
its previously-announced non-brokered private placement (the
"Private Placement") consisting of an aggregate of 7,068,161
units. Pursuant to the Private Placement, the Corporation issued
6,386,344 flow-through units (the "FT Units") at a
subscription price of $0.23 per FT
Unit and 681,817 non flow-through units (the "Non-FT Units")
at a subscription price of $0.22 per
Non-FT Unit, for aggregate gross proceeds to the Corporation of
approximately $1.62 million. As
announced on March 9, 2021, the
Corporation agreed to upsize the Private Placement as a result of
strong investor interest and over-subscriptions.
Each FT Unit consists of one common share of the Corporation
issued as a "flow-through share" (as defined in subsection 66(15)
of the Income Tax Act (Canada) (the "Tax Act")) (each, a
"FT Share") and one Series A common share purchase warrant
(each, a "Series A Warrant"). Each Non-FT Unit consists of
one non flow-through common share of the Corporation and one Series
B common share purchase warrant (each, a "Series B Warrant"
and together with the Series A Warrants, the "Warrants").
Each Warrant is exercisable for one non flow-through common share
of the Corporation for a period of 12 months from the date of
issuance. Each Series A Warrant is exercisable at a price of
$0.25 per share and each Series B
Warrant is exercisable at a price of $0.24 per share.
The gross proceeds allocable to the FT Shares comprising the FT
Units will be used for "Canadian exploration expenses" (within the
meaning of the Tax Act), which will qualify, once renounced, as
"flow-through mining expenditures", as defined in the Tax Act,
which will be renounced with an effective date of no later than
December 31, 2021 (provided the
subscriber deals at arm's length with the Corporation at all
relevant times) to the initial purchasers of FT Units in an
aggregate amount not less than the gross proceeds raised from the
issue of the FT Units which are allocable to the FT Shares. The
Corporation intends to use the net proceeds from the issue of
Non-FT Units for exploration activities and general working capital
purposes.
The Corporation did not pay any finders fees in connection with
the closing of the Private Placement.
Pursuant to applicable Canadian securities laws, all securities
issued pursuant to the Private Placement are subject to a hold
period of four months and one day, expiring on July 13, 2021. The Private Placement remains
subject to the final approval of the TSX Venture Exchange (the
"TSXV").
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. The Corporation currently has 210,487,262
outstanding shares, of which approximately 73% of LAURION's issued
and outstanding shares are owned and controlled by Insiders who are
eligible investors under the "Friends and Family" categories.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 47 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The
mineralization on Ishkoday is open at depth beyond the current
core-drilling limit of -200 m from
surface, based on the historical mining to a -685 m depth, in the past producing Sturgeon
River Mine. The recently acquired Brenbar Property, which is
contiguous with the Ishkoday Property, hosts the historic Brenbar
Mine and LAURION believes the mineralization to be a direct
extension of mineralization from the Ishkoday Property.
Website: http://www.LAURION .ca
Follow us on Twitter: @LAURION_LME
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, including with respect to LAURION's business, operations
and condition, management's objectives, strategies, beliefs and
intentions, the use of proceeds from the Private Placement. The
forward-looking statements involve risks and uncertainties. Actual
events and future results, performance or achievements expressed or
implied by such forward-looking statements could differ materially
from those projected herein including as a result of a change in
the trading price of the common shares of LAURION, the TSXV not
providing its final approval for the Private Placement, the
interpretation and actual results of current exploration
activities, changes in project parameters as plans continue to be
refined, future prices of gold and/or other metals, possible
variations in grade or recovery rates, failure of equipment or
processes to operate as anticipated, the failure of contracted
parties to perform, labor disputes and other risks of the mining
industry, delays in obtaining governmental approvals or financing
or in the completion of exploration, as well as those factors
disclosed in the Corporation's publicly filed documents. Investors
should consult the Corporation's ongoing quarterly and annual
filings, as well as any other additional documentation comprising
the Corporation's public disclosure record, for additional
information on risks and uncertainties relating to these
forward-looking statements. The reader is cautioned not to rely on
these forward-looking statements. Subject to applicable law, the
Corporation disclaims any obligation to update these
forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.